QV main urban areas commentary: November 2009

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Auckland
Hamilton
Tauranga
Wellington
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Dunedin

Auckland
Property values in the Auckland region increased by 3.1% over the past year (calculated over the three months ending November 2009 in comparison to the same period last year), an improvement on the 2.5% annual growth reported in October. The average sale price for the region increased from $506,642 to $519,051.

Glenda Whitehead of QV Valuations said; "Generally speaking, residential property in the Auckland region continued to perform strongly over November. A continued shortage of listings and pent up demand in some areas has increased buyer competition, pushing up prices in the process. This activity appears prevalent in the central hubs within the region, with some contrasting activity out towards city fringes. An example of this is within Waitakere City, where demand is strong in Henderson and New Lynn, but weaker in Ranui and parts of Massey. Buyers continue to be discerning, focusing on properties with quality construction in traditionally sought-after streets and locations.

"Investors are also back and active in Waitakere, and appear to be accepting recent value shifts. Sold signs are a common site with properties generally turning over relatively quickly if correctly priced. However, buyers and banks continue to take the due diligence process very seriously, with finance continuing to be the lynch-pin in the success of many deals," Whitehead said.